THOUSAND OAKS : Judge Refuses to Cut Bail in Fraud Case

A Ventura County judge refused Wednesday to lower the $500,000 bail for three brothers accused of bilking investors out of more than $2.3 million.

Charles E., James A. and Kenneth R. Fuentes, principals in the defunct Fountain Oil & Gas Co. formerly based in Westlake Village, are accused of grand theft, securities fraud and selling unregistered securities. They were arrested Oct. 14 and are being held in Ventura County Jail.

Willard P. Wiksell, the court-appointed attorney representing Kenneth Fuentes, argued that his client has no criminal record and played a comparatively minor role in the company. He asked that bail be reduced to no more than $50,000.

Deputy Public Defender Duane Dammeyer, representing Charles Fuentes, and attorney Charles L. Cassy, representing James Fuentes, asked that the two be released on their promise to appear. The attorneys said their clients have remained in the Thousand Oaks area for more than a year while the district attorney’s office investigated them.

But Municipal Judge Barry B. Klopfer sided with Deputy Dist. Atty. Rebecca S. Riley, who argued that at least $1 million that investors placed in the Fuentes brothers’ gas-drilling ventures has not been accounted for.

Klopfer agreed to the defense attorneys’ requests to postpone arraignment until Monday.